Arcane Sigil turns a summoning circle behind your word — two counter-rotating rune rings, motes of light lifting off the glow, and the type resolving out of it.
Two groups counter-rotate on as-spin and as-spinR at 26s and 18s, so the rune ticks ride along for free — rotating each of the 60 ticks individually would be 60 animations instead of 2. Motes travel on SMIL animateMotion along seeded quadratic paths, because the arc is a curve that would need a dozen keyframe stops to express. The word resolves on as-resolve, tightening letter-spacing from 26px to 6px as it fades up.
No. They are seeded tick marks of varying length around the rim, generated from your word so the same word always produces the same ring. They are decorative, not a real script.